As insurers well know, the cost of non-compliance is steep.
Now National Union Fire Insurance Co. (NUFIC) of Pittsburgh, a member of AIG's Chartis Group, is intimately familiar with such consequences, having agreed to pay the California Department of Insurance (CDI) nearly $6 million in penalties for violating fair business practices.
The products covered under the settlement include group and blanket limited benefit plans, supplemental accident and disability policies, and accident and disability coverage provided with travel insurance policies.
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